Stock Market shows green following CAL and MTN advancements

Market Summary

Gains in two telecom and banking counters pushed the GSE Composite Index up by 97.79 points (+4.71%) to close at 2,172.70 with a -3.74% year-to-date return while market capitalization increased 1.85% to settle at GH¢55.95 billion.

The GSE Financial Index was up 5.57 points (+0.29%) as a result of a price appreciation in CAL Bank (+6.49%) to close at 1,906.41 with a -5.61% year-to-date return.

The SAS Manufacturing Index remained unchanged at 3,203.29 with a -7.99% year-to-date return for the sixteenth successive session.

MTN Ghana (+12.90%), the major gainer at the session, summed up the gainers’ chart at GH¢0.70.

Trading activity surged as 2,210,290 shares valued at GH¢1,561,677 changed hands from 1,124,400 shares valued at GH¢732,823 at the previous session. MTN Ghana dominated trades by volume and value the second straight session, accounting for 99.85% of the total volume traded and 98.72% of the total value traded.

We expect trading activity to pick up as investors take advantage of bargain stocks.